The board of directors of Trevi Finanziaria Industriale (Trevi) has approved the binding offer submitted by Megha Engineering & Infrastructures Ltd. (MEIL Group) for the acquisition of its group companies which are part of the Oil & Gas division, namely Drillmec and Petreven.
MEIL Group is one of the major Indian groups in the infrastructure sector with over 7,000 employees, yearly revenues of approximately $ 2.5 billion and a strong financial profile. MEIL is having major interests in development of mega infrastructure projects in the sectors of water, hydrocarbons, major engineering projects, highways, energy, electric mobility and manufacturing in India and abroad.
In particular it is to be noted that over the past years MEIL has been continuously investing to rapidly stenghten its presence in the Oil&Gas Exploration and Production industry by acquiring also oilfields onshore and offshore India which are being developed and planning to start production in the next years.
MEIL offer has been selected by Trevi at end of an extensive and thorough process and analysis of all of the offers received, amongst which it has resulted fully consistent with Drillmec and Petreven goals, growth strategy and long term industrial plans .
No changes to Drillmec and Petreven’s board of directors, executive management team, or corporate structure are anticipated as a result of the acquisition. Both Companies will remain headquartered in Italy keeping all of their respective operating presences worldwide .
The closing of the transaction is subject to certain conditions precedent, standard for transactions of this kind, including deposit and homologation of the debt restructuring agreement by Trevi as well as the obtainment of all required authorizations. These processes are proceeding at a good pace and Trevi will regularly update shareholders and stakeholders.